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"If Min Heejin Wants To Win, She Needs To Clarify 4 Things"
🕑 Added 2024-10-22 21:08:46 +0000 UTCSource: https://news.mtn.co.kr/news-detail/2024101818464418941
On the 27th of last month, former ADOR CEO Min Hee-jin, speaking at a card company event, addressed her dispute with HYBE in an agitated tone, saying, "F*ck, we have to win." She expressed her determination to fight back, declaring, "I will win in the end. The reason I can guarantee this is because I am innocent."
Although Min asserts her innocence even in public forums, there is a reason public opinion remains skeptical. Many questions raised at the start of the dispute remain unanswered.
The first issue is Min’s unreasonable demands toward HYBE, which sparked much of the ongoing conflict and stains her portrayal as a one-sided victim. After moving from SM Entertainment to HYBE in 2019, Min enjoyed significant support from Chairman Bang Si-hyuk, who recognized her talent in artist direction. This is also something Min confirmed in an interview with Japanese media on the 15th, where she explained, "I was thinking about creating a label that would drive a new wave in K-pop, and when I received HYBE's offer, I chose it from many options. If that hadn't been guaranteed, I wouldn't have joined HYBE," highlighting the company's faith in her vision.
HYBE facilitated Min’s goal of running her own label by establishing ADOR in 2021. To ease ADOR’s potential financial burden, especially regarding early deficits and corporate taxes, HYBE transferred 18% of the company’s shares to Min at a low price. They also added a put option allowing Min to sell her 13.5% stake for 13 times the average operating profit after a specified point—exceptional terms for a new label.
Earlier this year, Min requested to increase the operating profit multiplier for her shares from 13 to 30 times and expand the applicable share ratio. Min’s team explained that this proposal reflected the anticipated future value of the boy group ADOR plans to launch. In response, HYBE rejected the request, stating that altering the share rights for an individual without the consent of other shareholders was unfeasible in corporate governance.
Min’s aggressive statements toward HYBE coincided with this period, leading to skepticism. Despite claiming that her actions are not motivated by money, her timing has raised doubts.
Another point of contention is the 'Project 1945' document, which outlines plans to seize control of ADOR. In the first half of this year, HYBE learned through internal reports that Min and ADOR’s management were attempting to wrest control of the label. HYBE found documents labeled 'Project 1945' in internal messages and emails, detailing plans to stir negative public opinion against HYBE, secure external funding, and turn ADOR into an independent company. This was also acknowledged by the court in May, when it issued an injunction preventing HYBE from voting on Min’s dismissal from ADOR.
Part of the 'Project 1945' document was later released by HYBE. The court’s ruling stated, "It is clear that the creditor (Min Hee-jin) sought either to leave HYBE with New Jeans or pressure the debtor (HYBE) to sell ADOR’s shares for independence, actions that could be considered betrayal."
On the 11th, the Seoul Central District Court held an injunction hearing regarding Min’s reinstatement as CEO of ADOR. In its defense materials, HYBE revealed the authors of the 'Project 1945' document and its detailed contents. Min’s side objected, claiming, "These were simply private conversations between executives and employees, and represent illegal surveillance."
Additionally, Min has not yet submitted her work laptop, which contains key records related to the dispute.
A third unresolved issue is the accusation that ILLIT plagiarized New Jeans. BELIFT Lab claimed that Min accused them of plagiarizing New Jeans' concept. She recently reignited this debate by claiming that BELIFT's group project mirrors New Jeans’ blueprint. However, no concrete evidence of plagiarism has been presented beyond speculation from fan communities or YouTube channels.
Finally, Min is facing legal action related to the alleged cover-up of workplace sexual harassment. In August, a former ADOR employee, identified as Mr. B, filed both civil and criminal complaints against Min and ADOR’s former vice president, citing workplace bullying and harassment. Min, however, has positioned herself as a mediator, releasing extensive messenger conversations to defend her role. Mr. B countered, saying Min covered up the harassment, and legal proceedings are ongoing.
At the event mentioned earlier, Min expressed her desire to "set a precedent where the rich do not always win." If she truly aims to achieve this, addressing the many unresolved issues surrounding her would be an essential first step.
Comments
Trina
It is such a relief to finally see a piece of REAL journalism, in which facts are presented instead of gossip, written by a Korean. The only places where I've seen this happen are in Korean financial publications and newspapers. Channels like Korea Now on YouTube, as well as other local news channels, present stories that seem to favor MHJ, and that was incredibly frustrating to see. FINALLY, more people are coming to their senses. THANK YOU for sharing this article with us, Fairlane!
Ivi Wp
She needs to be in the company in order to achieve the goal, which I suspect is to take down The Agency, and they know it. Kpop's market share is enviable and they only have two options, separate BTS from the agency or destroy the reputation of one of the two.
